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Define Cost. Distinguish Between Fixed and Variable Costs. Give One Example of Each. - Economics

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Define cost.

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Solution 1

Costs are the total of expenditure incurred by the producer in producing a good. It includes the cost of factor inputs and non-factor inputs of the production of a good.

Solution 2

Cost of production is the expenditure incurred by a firm on the factor inputs such as land, labour, capital and entrepreneur and non-factor inputs such as raw materials for the production of a good.

Concept: Cost - Fixed Cost
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